IS YOUR PROPERTY LEASEHOLD?
Contact Andrew Perrin MRICS, Chartered Surveyor, Registered Valuer, who has unrivalled local expertise in matters relating to leasehold and freehold issues and can help make certain that your property investment is protected.
If your property is leasehold then as the number of years remaining on the lease reduces it becomes more and more expensive to purchase the freehold interest. Equally, if you should be considering selling, banks and building societies are generally reluctant to offer mortgages to buyers of leasehold properties with less than 70 to 75 years remaining on the lease.
This situation can seriously affect the value of your property and it is essential that you seek professional advice to acquire the freehold before placing your property on the market for sale.
Once the lease term expires the ownership of your property could revert back to the freeholder!
We can assist you in negotiating terms to extend the lease of your property, in most cases this would be flats/apartments, provided you qualify to do so, and by doing this it will add to its re-sale value, as again, buyers would experience difficulty obtaining mortgage finance once the lease term diminishes.
If you, together with a number of other parties, hold long-term leases on properties within a block, or linked properties with the same lease, it is possible to acquire the freehold interest as a group and this is known as Leasehold Enfranchisement or Collective Enfranchisement.
If you require any further information or assistance regarding any of the above, for your initial free consultation, please contact Andrew Perrin MRICS, Chartered Surveyor, Registered Valuer, on 01922 627686 or email firstname.lastname@example.org
MAKE SURE YOUR HOME REMAINS YOUR HOME!